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Manhattan Office Market Report 2Q 2020

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Second quarter 2020 leasing volume dramatically slowed since the previous quarter.  Availability increased while absorption was negative and the asking rent average decreased slightly.

Years of job growth throughout New York City abruptly ended in 2Q 2020 due to COVID-19.  In the period between March 14th and June 20th, 1.33 million initial claims for unemployment insurance were filed in New York City, compared to 89,000 during the same period in 2019.

New York City’s unemployment rate increased from 3.4% in February 2020 to a record-high of 18.2% in May.  As an additional economic indicator, the City’s labor force stood at 4.08 million in February 2020 before dropping to 3.66 million (as of May 2020), the smallest labor force since 2001.


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Manhattan Office Market Report 2Q 2020

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Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers.  Franklin's role includes a focus on quarterly and monthly trends within the Manhattan and Brooklyn office markets while using multiple databases and maintaining contacts within the industry in order to provide in-depth market analysis to brokers and clients.

Franklin reports on the office market on a monthly and quarterly basis through analytical reports as well as presentations to tenants, landlords and the press. Data analyzed by Franklin includes: average asking rents, availability rates, concessions, absorption, tenants in the market, leasing activity, construction and future tenant demand. Franklin has been quoted by numerous periodicals including The Wall Street Journal and The New York Times.

Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
 

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